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Criticized sometimes for being too auto-centric and suburban, the South Loop’s Roosevelt Collection may finally get an infusion of urban design as plans for the project‘s long-discussed high-rise phase appear to be moving forward. A recent post on the online development-watching forum at skyscraperpage.com revealed a new rendering of such a building as well as information that prelimary bids for the project are expected to be forthcoming.
The existing mixed-use complex is currently home to over 300,000 square feet of retail space topped by 342 loft-style rental units plus a 16-screen cinema and utterly gargantuan 1,500-space parking garage. The aforementioned high-rise piece would occupy an empty notch set aside at the Roosevelt Collection’s northwestern corner.
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Developer Centrum Properties broke ground on the Roosevelt Collection project in 2007—then a combination of retail and condos—and reportedly spent $350 million on construction. Struggling to find tenants, the development was sold to Dan McCaffery in 2011 for $160 million. After finally leasing up, the property changed hands once again in 2015 when it sold to Prudential Real Estate Investors for $225 million.
According to a 2015 Crain’s article covering the sale, Prudential’s acquisition also included accommodations for an apartment tower reaching as high as 43 stories. The newest rendering (above) shows a high-rise of roughly that stature and represents a much cleaner modern aesthetic compared to a somewhat cluttered design shown in older conceptual drawings (below).
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The tower at RC isn’t the only development looking to add more residential density to the neighborhood. To the west, the 29-story rental tower at 1000 S. Clark opened in early 2016 while the upcoming 33-story Alta Roosevelt rental tower continues to climb skyward to the immediate north. With these and other projects like the multi-phase River Line development in the works, the timing and market conditions might at last be ideal for Roosevelt Collection to finally go vertical.
- Previous Roosevelt Collection coverage [Curbed Chicago]
- Previous South Loop coverage [Curbed Chicago]
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